Annual report pursuant to Section 13 and 15(d)

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.19.2
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Jun. 30, 2019
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedule of property and equipment useful life

Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, as follows:

 

 

 

 

 

    

 

 

Furniture and fixtures

 

5 - 7 years

 

Leasehold improvements

 

5 - 7 years

 

Laboratory equipment

 

3 - 15 years

 

 

Schedule of impact of adoption reflected in Consolidated financial statements

The expected impact of adoption to be reflected in the Company’s consolidated financial statements for the fiscal quarter ending September 30, 2019, is as follows (in thousands):

 

 

 

 

Right-of-use assets recorded under new standard

    

$

605

Right-of-use liabilities recorded under new standard:

 

 

  

Current

 

$

227

Long-term

 

 

406

Total

 

 

633

Eliminate deferred rent liability under current accounting standard

 

 

(28)

Net increase in liabilities due to adoption of new standard

 

$

605